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TVS Electronics has sold its entire stake in subsidiary Benani Foods to Chennai-based food supply chain startup Waycool Foods for Rs 1.63 crore.
TVS Electronics informed the stock exchange that it entered into an agreement with Waycool Foods on Friday, and the stake sale is expected to be completed by March 31. The company added that Benani Foods contributes Rs 444 lakh to TVS Electronics’ total revenue comprising a 0.1% share. Chennai-based Benani Foods is a manufacturer of idli and dosa batter, organic paneer, teas and other food products.
This is food tech startup Waycool Foods’ second acquisition this month. The company acquired the physical distribution business of Aalgro Foods, a Bengaluru-based B2B company in fruit retail packing and distribution space, earlier in March.
Founded in July 2015 by Karthik Jayaraman and Sanjay Dasari, Waycool is a food development and distribution platform leveraging technology to scale up supply chain.